Gold passes support range

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The price for gold has passed below the 1,930.00/1,932.25 range. Moreover, the previous support has turned into resistance. On Wednesday, the price was facing the 1,930.00/1,932.25 zone's and the 50-hour simple moving average's resistance. Meanwhile, support was found in the 1,925.00 level and the 1,920.30/1,922.60 range.

Economic Calendar Analysis



Watch out for the US Consumer Price Index at 12:30 GMT, on Thursday. The inflation data will reveal whether the Fed is managing to fight inflation or not.

On August 11, the markets will look at the US Producer Price Index at 12:30 GMT to analyse potential consumer price increases in the future.

XAU/USD short-term forecast

In the case of a decline below 1,920.30 the commodity price could look for support in the 1,915.00 and 1,910.25 levels, before approaching the lower trend line of a channel down pattern.

However, a recovery of the metal would have to break the combined resistance of the 1,930.00/1,932.25 range and the 50 and 100-hour simple moving averages. Higher above, note the 1,935.00 and 1,940.00 levels, which might act as resistance.

Hourly Chart

XAU/USD daily charts review

On the daily candle chart, in early August the metal passed below the support of the 50-day simple moving average. Next support on this chart is the 200-day SMA near 1,925.00, which caused the July surge of the commodity price.

Most recently, it was observed that the 200-day simple moving average was managing to keep the price up.

Daily Candle Chart


Gold traders are long

On the Swiss Foreign Exchange, traders are 59% bullish on gold, as that proportion of open Gold positions are long.

In the meantime, pending orders in the 1000 point range around the current price are 65% to buy.

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